Photo: Courtesy of Woodside

Australian LNG export revenue down 25 percent in 2020

According to the latest Australian Bureau of Statistics (ABS) figures, the total value of 2020 LNG exports was A$36.2 billion, down 25.5 percent from A$48.6 billion in 2019.

Australian LNG exports down 25 percent in 2020
Courtesy of Woodside

Monthly revenue from LNG exports reached its low in September with A$1.8 billion. This was due to the lagged effect of lower oil prices, according to Australian energy consultancy EnergyQuest.

From September onward, the revenue has increased, reaching A$2.5 billion in November and A$2.7 billion in December.

The value of petroleum imports fell from A$38.3 billion in 2019 to A$22.7 billion in 2020, reflecting lower prices and lower demand caused by travel restrictions, particularly in aviation.

To remind, EnergyQuest recently reported that Australia’s LNG exports reached 78 million tons in 2020. This was a jump compared to 77.5 million tons exported in 2019. 

EnergyQuest estimates total 2020 LNG export revenue was $36.1 billion, down from $48.7 billion in 2019. It also expects Australia’s 2021 export volumes to reach around 80 million tons.